To me, this is just another technical bounce as I already mentioned on Friday. However, I doubt this rally will sustain more than 3 days. My prediction is that it will make a double-top formation and roll over,
Right now price is just below the EMA200 and the MA200 is not that far above. Today although an up day was on weak volume. VIX is very low right now. If it starts to rally from these levels look out below. UNTIL price rallies on stronger volume and starts finding support above these levels I would be very cautious on the long side.
Stocks Fall on Retail Report, Bernanke Speech, Oil - AP
Wall Street pulled back Tuesday after a report on retail sales and comments from Federal Reserve Chairman Ben Bernanke gave investors little incentive to extend the previous session's big advance. A jump in oil prices added to the selling.
However, it was only yesterday when they claimed that the market was rallying on the strength of dollar and falling oil prices. Why don't they ever write that the market is acting insane and its participants are a bunch of dumbass who will believe anything the self-serving pundits throw at them?
Same story, different idiots or different story, same idiots?
Ain't that funny? As soon as Dee Snyder starts bellowing out "We're not gonna take it!", the market begins to swoon. It must have sensed my own existential angst. lol
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